Mezzan Holding Company Kscc · KSE:MEZZAN
Mezzan Holding Company Kscc — Mezzan Holding Company — Q1 2024 Earnings Presentation
17 slides from Mezzan Holding Company Kscc's earnings presentation, May 13, 2024
Slide 1: Q1 2024 Earnings Presentation
Q1 2024 Earnings Presentation May 13, 2024 1
Slide 2: Disclaimer
Disclaimer This confidential document is provided for informational purposes only. THE INFORMATION SET OUT IN THIS PRESENTATION AND PROVIDED IN THE DISCUSSION SUBSEQUENT THERETO DOES NOT CONSTITUTE AN OFFER OR SOLICITATION OF AN OFFER TO BUY OR SELL SECURITIES IN ANY JURISDICTION. IT IS SOLELY FOR U
Slide 3: Agenda
Agenda Tailwinds & Headwinds Q1 2024 Highlights Results Financial Review Q&A 3
Slide 4: Mezzan Today: Tailwinds
Mezzan Today: Tailwinds ➜ ➜ ➜ Accelerated portfolio & channel mix changes to mitigate input cost volatility and protect margins. ➜ Materializing efficiencies behind changes in own manufacturing ➜ ➜➜ landscape. Effective CAPEX management through prioritization of production and generating demand-focu
Slide 5: Mezzan Today: Headwinds
➜ ➜ Mezzan Today: Headwinds ➜➜ Potential disruptions in the volatile supply environment, we are actively optimizing inventory management to accommodate these potential disruptions. ➜ Financing cost, though in line with investment plan associated with our ➜ healthcare division, we will continue to pr
Slide 6: Mezzan Today: Earnings Highlights
Mezzan Today: Earnings Highlights KD Millions Q1 EBITDA (2020-2023) KD Millions Q1’24 Q1’23 % Diff Revenue 85.5 79.0 +8.2% 10.1 EBITDA 10.1 8.3 +21.7% 8.7 8.3 Net Income 6.1 4.6 +32.1% 6.2 Net Profit 5.7 4.3 +33.9% Attributable to Equity Holders of Parent Company 2021 2022 2023 2024 Note: All figure
Slide 7: Mezzan Today: Q1 Comparative Performance
Mezzan Today: Q1 Comparative Performance KD Millions Q1 Revenue Q1 Gross Profit Q1 Net Profit (to shareholders) 19.3 85.5 5.7 79.0 16.5 73.4 16.2 5.0 72.5 14.6 4.3 2.9 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 Note: All figures are rounded. Manual calculations for the variances and
Slide 8: Financial Review
Financial Review 8
Slide 9: Q1'24 Revenue: Contribution by Business Line
Q1’24 Revenue: Contribution by Business Line FOOD REVENUE +7% NON-FOOD REVENUE +10.2% Vs.Q1’23 Vs.Q1’23 61.4% Share of of total Group 38.6% Share of of total Group Revenue Revenue 9
Slide 10: Q1'24 Revenue: Growth by Business Division
Q1’24 Revenue: Growth by Business Division Vs.Q1’23 Manufacturing FOOD &Distribution 51.0% of Group revenue +8.4% +7% Catering 5.6% of Group revenue -12.1% +8.2% Services 4.8% of Group revenue +22.5% NON-FOOD FMCG & +10.2% Healthcare 36.6% of Group revenue +11.5% Industrials 2.0% of Group revenue -8
Slide 11: Q1'24 Revenue: Contribution and Growth by Country
Q1’24 Revenue: Contribution and Growth by Country Top-line Contribution Vs.Q1’23 Kuwait UAE Qatar Jordan KSA Iraq 76.6% 11.0% 5.1% 4.0% 2.6% 0.8% +9.9% +5.8% -19.3% +39.3% +5.3% +13.6% 11
Slide 12: Q1'24: P&L
Q1’24: P&L KD Millions Q1’24 Q1’23 % Diff Revenue 85.5 79.0 8.2% Gross Margin 19.3 16.5 17.1% GM % 22.6% 20.9% 1.7% SG&A / Other -11.4 -10.3 -10.3% Operating Profit 7.9 6.1 28.6% Other -1.5 -1.4 -13.3% Underlying Profit before Tax 6.4 4.8 33.0% Tax -0.3 -0.2 -54.7% UNP % 7.1% 5.8% 22.7% Net Profit At
Slide 13: Q1'24: Cashflow
Q1’24: CASHFLOW KD Millions 2024 2023 Diff Operating Cashflow before WC changes 10.3 8.7 1.7 Working Capital / Other -5.4 2.5 -7.9 Cash on hand, as of 31 March 2024, Operating Cashflow 5.0 11.2 -6.2 have increased by KWD 5.1mn. YOY Working Capital increased by Capital / Other -1.7 -0.8 -0.9 KWD 8.9mn
Slide 14: Balance Sheet as of March 31, 2024
Balance Sheet as of March 31, 2024 KD Millions Total Assets Equity Net Debt Net Debt to Capitalization KD Millions KD Millions KD Millions % 125.9 58.2 57.8 56.0 32.3 32.6 31.5 293.1 123.4 121.7 49.5 28.6 115.4 277.5 277.4 267.6 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2
Slide 15: A note on debt levels
A note on debt levels KD Millions As of 31 March 2024: Net Debt stood at KWD 57.8mn, down by KWD 1.3mn from December 2023 levels. - LTM Net Debt / EBITDA of 1.9x down by 2.2x vs Q1 2023 12.2 5.5 4.3 4.1 3.9 3.0 2.1 2.3 2.4 2.2 2.1 1.9 1.9 49.5 51.0 53.4 53.0 58.2 67.7 65.1 64.2 56.0 67.6 63.6 59.1 5
Slide 16: Q&A
Q&A 16
Slide 17: Investor Relations Contact
Investor Relations Contact Omar Fouda Investor Relations Manager omar.fouda@mezzan.com 17
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